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How do you think the banking sector is going to get impacted?
Manager 1: The impact of the shift to IFRS is going to be much higher in the banking sector. This impact would be seen in areas of loan loss provisioning, financial instruments etc. There is thus going to be a significant impact on the financial position and performance. It would also impact the capital adequacy ratios.
Manager 2: Application of IFRS in areas such as provision for loan losses and investments will require a high level of judgment and thus a lot of changes would need to be made in the financial reporting processes.
Analysis: With the various complexities that the banking and financial sector bring with itself, these industries are expected to have the maximum impact in the transition to IFRS. The difference would be due to the changes that would occur in the functioning of financial instruments, loss provisioning etc. All these changes will have a significant impact on the financial position and performance of the banks.
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